With no speculation tax and the legalization of short-term vacation rentals, developers are moving in to Lake Country.

Renee Wasylyk, CEO of Troika, said the company鈥檚 first development proposal in the district will be presented to council later this month.

As 91大黄鸭鈥檚 council has yet to determine how regulations will roll out for short-term rentals like Airbnb, Lake Country is currently a more enticing community for developers, she said.

鈥淚t is a delicate balance, and it does put another risk factor into our development plans because we just don鈥檛 know where they鈥檙e going to end with it,鈥� Wasylyk said.

鈥淎s a developer, we鈥檙e of a size and nature that we鈥檙e going to be in multiple municipalities at one time, but we鈥檙e going to go where the risk factors are taken out for us and where we see the potential,鈥� she said. 鈥淭hey鈥檝e got almost 7,000 jobs on the north end of 91大黄鸭 with very little housing of any nature.鈥�

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The development proposal Wasylyk鈥檚 team is planning to bring forward is for 25-unit, row housing development on Rogers Road.

With John Hindle Drive鈥檚 completion, and the proximity to the 91大黄鸭 International Airport and other amenities, developers are looking to that area at the north end of 91大黄鸭, she said.

The district鈥檚 Official Community Plan draft also lists the south end of Wood Lake to one day be high-density residential.

Michael Hoffman, director of development and construction with Faction Projects, said the development company鈥檚 most recent project in Lake Country, a muti-family development for Woodsdale Road, located next to the Okanagan Rail Trail, has out-of-province residents on his list who plan to use the homes as secondary properties.

鈥淪ome of them would have the sales tax applied to them when they aren鈥檛 in Lake Country,鈥� he said. 鈥淚t鈥檚 close to the airport and not everyone can afford to be on the lake, so the lack of the speculation tax has helped.鈥�

Hoffman thinks a percentage of any Okanagan housing will attract those who are interested in a second home.

With one hotel in the district, he says Airbnb is also filling a need in the community.

鈥淟ake Country is the home of many responsible Airbnb hosts who share their homes for a few nights each month in order to make ends meet. The government鈥檚 recognition of the Lake Country host community is a step forward. We remain committed to ensuring home sharing strengthens neighbourhoods and continues generating meaningful economic impact for the district and our hosts,鈥� said Alex Dagg, director of public policy for Airbnb.

The district currently has 90 hosts, who each earn roughly $3,500 annually. Owners typically use Airbnb for 24 nights out of the year, according to Airbnb.

In Lake Country, short-term vacation rentals are limited to no more than 30 consecutive days, with no more than four rooms rented at the same time, and must operate in a primary suite.

Major development housing projects are ongoing in the district, and include: Lakestone on Tyndall Road, a 28 unit multi-family site and 109 single family lots, a 76 unit townhouse on Lake Hill Drive, a 65 unit townhouse on Oceola Road, 16 single family lots of Okanagan Centre Road East, 10 unit townhouse on Rogers Road, an 84 unit townhome on Shoreline Way and 10 unit townhomes on Stillwater Court.

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鈥淚 think Lake Country has been very progressive on how they positioned themselves as not just a sleepy suburb of 91大黄鸭, but actually as a very attractive place to live, work and play,鈥� Wasylyk said.

Although Mayor James Baker questions why Lake Country wasn鈥檛 included in the province鈥檚 speculation tax regulations, which is set to roll out this fall in 91大黄鸭 and West 91大黄鸭, he said he wasn鈥檛 sure how the tax will allow for affordable housing in the region.

He said as long as developers build in the areas designated in the Official Community Plan, they are welcome to the district.

鈥淲e have a lot of trades people鈥� (we will) keep them busy,鈥� he said. Plans are in place for Lake Country鈥檚 expected growth in population, he said.

Out-of-province homeowners will also eventually retire here, he said.

He said the district will address housing needs in other ways, by applying for grants at the federal and provincial levels and there are rental housing proposals that are in the works.

carli.berry@kelownacapnews.com
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